Human Capital is defined as the total economic value extracted out of the skills, experience, and expertise of your workforce. Many leaders say that human capital is the single most valuable asset owned by an organization that is not recorded in the balance sheets. It also encompasses the virtues like integrity, honesty, and punctuality.Human capital development is essential for the growth of an organization. It is the human capital that drives the financial capital and other assets for your organization.
Just like every other field, industry, and sector, the global pandemic has brought in huge transformations in human capital services as well. Here’s how the New Normal is Shaping the Future of Human Capital Search
1. The duration of recruitment cycles has increased. Though it varies from industry to industry, yet it can go as long as six months to fill one position. It is now even more challenging to find the right match for the open positions. You need efficient human capital search services to scout and hunt for the right talent in the new normal.
2. Human capital services would allow you to focus on your core business expertise while the hiring consultants will take care of the entire recruitment process. The human capital consultants know the present market scenarios, your business process, and the new normal has affected both these areas. Leverage their services to create the best pool of talent for your organization.
3. The new normal has highlighted the importance of the digital world and the impact of technology on the workforce. A recent PWC report has stated that in the future almost 55% of jobs are going to be replaced by artificial intelligence. You need to have a workforce that is resilient and adaptive. Your workforce must be digitally aligned in this new world. They have to constantly update and upskill themselves to survive in this technology-driven world.
4. Another major challenge is cultural mapping within the organization. Previously, when all employees came together under one roof, one organizational culture was infused in them. But now the organizational culture is impacted by different regional and communal cultures. It makes it complicated, and you need experienced human capital search consultants to understand how your business processes can be perfectly aligned in this intermix of multiple cultures.
5. Finally, there is the rise of the gig economy. With the remote working model, many prefer part-time engagements to full-time jobs. People can now work with organizations in the US sitting in Australia or India without any hassle. Most employees are engaged in multiple activities and work with complete flexibility. This gives room for staff augmentation where you can get bright and innovative ideas from across the globe and reduce recruitment costs at the same time.
Leader need to ask – "Is our workforce aligned to deal with this new normal" and come out as champions in the dynamic landscape of the business world? Partner with the best human capital services and build a resilient workforce that can stand any change and convert every challenge into a new opportunity.
At The Taplow Group we not only help you source the best-fit for your organization’s leadership through our human capital services but also train and develop them to hone their skills. To know more about our human capital services like leadership coaching, professional hiring, management consulting, reach out to us at www.taplowgroup.com